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CNOOC posts strongest Q1 revenue since 2014

FIRST-quarter revenue at CNOOC Ltd, the listed arm of China National Offshore Oil Co, rose 10.8 per cent from a year earlier, largely due to a rebound in international oil prices.

Revenue for the oil-and-gas group in the first three months rose to 42.54 billion yuan (S$8.88 billion), the company said on Friday, marking the highest revenue for a first quarter since 2014. CNOOC did not disclose any profit figures.

The rise in revenue came as global oil prices continue to rebound and the offshore oil-and-gas specialist produced more gas supported by rising domestic gas prices.

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CNOOC's natural gas revenues rose more than 12 per cent from a year ago to 4.5 billion yuan as realised gas sales prices rose 7.8 per cent from the same period last year. Total crude oil production worldwide fell to 99 million barrels in the first quarter from 100 million barrels a year ago, mainly due to declines at domestic fields, a company statement showed.

CNOOC's capital spending rose to 9.66 billion yuan in the first three months, up more than 11 per cent from the year earlier period, but it was down from a record high level of around 19 billion yuan in the same period in 2014. REUTERS